Hi D-Man
I used straight aerosols for my gibson and it came out well (It is just a test run at this stage and not the final product). Here's the link to it.
http://www.guitarforum.co.za/your-gear/my-toys/
I used light blue can, a deep blue and then 2 cans of clear laquer.
Spraying a burst is not that easy first time, so practice a couple of times on another piece of wood before you take to the guitar.
The real stuff to use is nitrocellulose laquer (which is a mission to get and cant be found in aerosols in this country, at least I havent found it at this stage).
Its also imperitive that you let each layer of spray set properly and completely before the next goes on. Thick layers tend to crack when they dry. The refinish process can take up to 2 weeks when done correctly, but it is well worth the wait if the guitar looks amazing!
Here is a fantastic site on finishing guitars:
http://www.projectguitar.com/tut/tutorial5.htm